ICYMI—Hagerty Joins Cavuto: Coast to Coast to Discuss Democrats’ Dangerous Tax Proposals and Green Card Giveaway to Big Tech

October 27, 2021

WASHINGTON—United States Senator Bill Hagerty (R-TN) today joined Cavuto: Coast to Coast on Fox Business to discuss Democrats’ dangerous and unconstitutional tax proposals and the radical green card giveaway to Big Tech, which will displace American workers and suppress American wages.

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Partial Transcript

Hagerty on Democrats’ unconstitutional tax proposal: “They’re talking about a fundamentally new type of tax—this wealth tax—they want to get this passed in a matter of days when they’re going to rewrite fundamentally the way the tax code would work. I agree with you, it’s unconstitutional. It will not pass legal muster. It’s been tried before in Sweden and France. They had to pull it down. Operationally, as you mentioned, it’s going to be extraordinarily difficult to implement something like this.”

Hagerty on how this so-called wealth tax could eventually reach into the pockets of the middle class: “[Democrats claim] this is just going to hit 700 people? [But] go back to 1913 when the income tax was imposed. The highest rate then was seven percent. It was targeted to people that, in modern terms and modern dollars, would be about $14 million—an enormous sum back then. You know what’s happened to the income tax. This is just going to be the camel’s nose under the tent if this were allowed to happen. And this is certainly going to be used as a tool that the Democrats will use to find more and more revenue until we’re right into the pockets of the middle class. […]What’s happened with the income tax over the years, you know, it’s gone far beyond seven percent, and it’s reached to every American. So this is just the beginning of something that’s going to be very, very bad for our economy, very, very bad for the American citizens. And I think it’s going to make us, again, less competitive as a nation, Neil. It’s going to push more jobs overseas, more investment overseas at a time when we desperately need to see our economy coming right back strong.”

Hagerty on the radical foreign worker provisions for Big Tech: “I think we really are in jeopardy here focusing [solely] on a top line number. You know, Bernie wanted $6 [trillion] at the beginning $3.5 [trillion] had been the focus for months. Now they’re talking about adjusting that number, but they can use Washington budget gimmicks to do this. They can shorten the timeframe from 10 years to five years to score it. I’m sure there’s all types of budget gimmickry going on to get these numbers down. But what we need to look at is what’s in the bill. When you look at that, there’s some very disturbing aspects of this bill. As you know, we found in this 2,500 page plus bill that was on the House side, we found a piece there that was buried… where they blow the cap off of green cards in America. It would allow Big Tech companies to have unlimited access to foreign workers for a 10-year period. That’d be a whole generation that we would be telling kids here in America, that you don’t have access to the types of high-tech STEM jobs that I’ve been encouraging kids in my state to prepare themselves for. I’ve been literally talking with middle school students, high school students, encouraging them to get ready for the high-tech jobs of tomorrow. Yet buried in this bill is a Big Tech billionaire handout, again. It’s something the corporate lobbyists here I’m sure are thrilled to have, but it allows unlimited foreign workers to come in with green card status. That’s permanent residency status, and it’s a 10-year giveaway… I think the Democrats don’t even know what’s in this bill. Certainly, I don’t want to see us in a situation that Nancy Pelosi loves to talk about: ‘you got to pass it to find out what’s in it’. But that’s where we’re headed.”